TSX may open lower on Italian debt worries

By IBT Staff Reporter On 11/09/11 AT 8:52 AM

TSX ''stars align'' as resources, banks rise Photo: Reuters

(Reuters) - Toronto's main stock index looked set to open lower on Wednesday, hurt by weaker commodity prices as doubts about Italy's ability to tackle its debt problems persisted even after Prime Minister Silvio Berlusconi pledged to resign.

FACTORS TO WATCH

* Canadian equity futures pointed to a lower open.

* U.S. stock index futures tumbled as a spike in Italian bond yields sparked fears the country will need a bailout, ratcheting up the region's debt crisis to another level. .N

* European stocks were lower at midday as mounting concerns over Italy's debt kept investors on edge, following an early rally sparked by Berlusconi's pledge to step down as Italy's prime minister..EU

* Enbridge Inc.(ENB.TO: Quote): The pipeline operator's third-quarter profit fell on derivative losses, the company said. It earned C$4 million ($3.9 million), or 1 Canadian cent a share, down from C$157 million, or 21 Canadian cent a share, a year ago.

* Suncor Energy Inc. (SU.TO: Quote): The oil and gas producer forecast a 12 percent rise in its oil sands production in 2012 and expects to spend about C$3.6 billion toward growth projects in the coming year.

* Silver Wheaton Corp. (SLW.TO: Quote): The company reported a 96 percent jump in third-quarter profit, driven by strong silver prices, and the company tripled its dividend for the current quarter.

* First Quantum Minerals (FM.TO: Quote): The miner lowered its full-year production outlook to reflect a dip in quarterly production, even as higher gold and copper prices enabled the miner to post a third-quarter profit.

* Wi-Lan Inc. (WIN.TO: Quote): The patent licensing firm swung to a third-quarter profit, as it signed more license agreements and saw a drop in litigation costs.

* TransGlobe Energy Corp.(TGL.TO: Quote): The company's quarterly profit rose nearly three-fold, helped by higher production and strong Brent oil prices, but the Canadian oil and gas company cut its full-year production forecast.

* Timmins Gold Corp. (TMM.TO: Quote): The miner swung to a second-quarter profit as it sold more gold at higher prices.

* Crocotta Energy Inc. (CTA.TO: Quote): The company swung to a third-quarter profit helped by rise in oil and natural gas production and said it expects to exit the year with higher production than expected.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.